Tamilnadu Real Estate Regulatory Authority

The Real Estate (Regulation and Development) Act, 2016 aims to regulate and promote the real estate sector by regulating the transactions between buyers and promoters of residential as well as commercial projects. It also has provisions for establishing a regulatory authority at state level called "Real Estate Regulatory Authority" (RERA) for monitoring the real estate sector and adjudicating disputes relating to Real Estate Projects. The main aim of the Act is to protect buyers and help investment in Real Estate Sector.

Overview

Real Estate Regulatory Authority - Overview

The Government of India have notified the Real Estate (Regulation and Development) Act, 2016. This Act provides for establishing Real Estate Regulatory Authority (RERA) and Appellate Tribunal for monitoring and adjudicating disputes relating to real estate projects and also to frame Rules under this Act. The Tamil Nadu Government in G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017 has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out the provisions of Real Estate (Regulation & Development) Act, 2016.

Registration of all Real Estate projects and Real Estate agents is made mandatory with RERA. No sale in a real estate project can be made without registration of the project with RERA. These Rules will apply to all ongoing projects and future projects where the area of land exceeds five hundred square meters or the number of apartments proposed to be developed exceed eight inclusive of all phases. It is mandatory for a promoter to upload the details of the proposed project on the website of RERA, including details of registration, types of apartments or plots booked, list of approvals taken etc. Both promoter and buyer are liable to pay equal rate of interest in case of any default from either side. Similarly, property dealers, brokers, middlemen by whatever name called have to register with TNRERA.

Failure to register with TNRERA is an offence and punishable with fine or imprisonment or both.